SOL - This Bankrupt Crypto Firm May Trigger $3B Market Sell-Off: IntoTheblock | Benzinga
Analytics firm IntoTheBlock has hinted at a potential $3 billion sell-off in the cryptocurrency market, potentially initiated by a bankrupt crypto firm.
What Happened: According to a report by IntoTheBlock, traders are beginning to shed their holdings due to the impending liquidation of FTX, an insolvent crypto exchange. Their vast digital asset portfolio, valued at around $3 billion, is under threat.
IntoTheBlock’s Lucas Outumuro said in a blog post on Saturday, “A key factor behind the discretionary selling is likely to be FTX's upcoming liquidation of reportedly $3B in crypto holdings. Though FTX has not reported when they will conduct these liquidations, it is likely that the market got spooked following their recent bridging activity.”
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Why It Matters: Outumurohas singled out Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), both of which make up a significant part of FTX’s assets. However, the ...